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Spain's Azura buys a 5-star hotel in the Algarve - Imobiliário

Spain’s Azura buys a 5-star hotel in the Algarve – Imobiliário

The Spanish company Azora Gestión continues to invest heavily in the Algarve hotel sector. distance Tivoli bought Marina Vilamoura and Tivoli Carvoeiro From Thailand’s Minor, for €148 million, Azora has now acquired the Vilalara Thalassa Resort, a five-star unit in Porches, according to a statement carried by Spain’s Eje Prime.

Located next to Praia das Gaivotas in Porches, the resort has 118 rooms and is managed by Blue & Green. The value of the operation is not disclosed.

Azura had indicated that it had 400 million euros to invest in hotels in southern Europe this year through the fund The Azora European Hotel & Lodging was established in July last year.

The Spanish manager appears to have a particular “appetite” for the Algarve, having bought two Algarve Tivolis rooms last month, as well as a hotel apartment on the Costa Brava.

“The operation of the Vilalara Hotel reinforces our conviction about the recovery of tourism in Europe and the unique position of the Algarve to be a champion in this recovery,” says Concha Usakar, co-founder of Azora, in the same press release. “We remain convinced of the attractiveness of this region and the Portuguese market and want to continue to be very active in working with hotel groups,” he adds.

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